Overseas investment decision for case 200920050 - Tiromoana Station Limited

An overseas investment in sensitive land, being the Applicant's acquisition of:

• a freehold interest in 0.2514 hectares of land at 301 Mt Cass Rd, Waipara, North Canterbury; and
• a freehold interest in 3.3658 hectares of land at Mt Cass Rd, Waipara, North Canterbury.

Canterbury Waste Services Limited
Australia (90.78%)
Malaysia (9.22%)

Hurunui District Council
New Zealand (100.0%)

Tiromoana Station Limited (TSL), is the land owning subsidiary of Transwaste Canterbury Limited (TCL) a joint venture between Canterbury Waste Services Limited (CWS) and various local councils in the Canterbury region which operates the Kate Valley landfill.

The land being acquired comprises:

1. 2,514 square metres from CWS; and
2. small areas of land comprising in total 3.3658 hectares from the Hurunui District Council as part of a road legalisation process for Mt Cass Road.

The transfer of the land from CWS to TSL will result in all of the land associated with the Kate Valley landfill being owned by TSL. The transfer of the land not used for roading purposes to the Applicant is part of the process to legalise the Mt Cass Road to ensure that the physical roadway is aligned with the legal road. All of the land is contiguous and will be managed by TSL as one property.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments